Bitcoin Memories I thought I've seen the last of my bitcoin days when I emptied my 2 accounts - bitcoin core and bitcoin cash, shortly after the hard fork. I still have the accounts with nothing inside.
From the sideline, I get wind of how bitcoin has made a comeback and went up to a dizzying $63,000 on April 15, 2021 (just 2 months ago). Many self-styled bitcoin speculators jumped in on the bandwagon with grand ideas of becoming rich. Some did. Others took a bath when bitcoin tanked. As of this writing (June 8), bitcoin is trading at $35,700. I was just watching with no plans of getting back - I'm broke anyway.
Back to Bitcoin But then a businessman asked me to research about buying and selling bitcoin with a quick conversion into cash. It's not for investment speculation but for a quick turnaround. Apparently, he discovered a niche. For this, I had to go back to square one to get a sense of the current bitcoin landscape. I had to read up and get a sense of bearing how the Bitcoin scene is. I also had to open up a Thai bank account and a Thai bitcoin exchange center account. All these things took some doing. Once I get my bearings back, I can go back to the businessman and talk to him about setting up accounts and transferring funds.
Bitcoin Financial Services To date, there are 3 main types of service centers for bitcoin - Bitcoin mixing services, Bitcoin exchange services and OTC Services.
A)Bitcoin Mixing Services
The main purpose of a Bitcoin Mixing Service(a.k.a. - tumbler) is to obscure the source of the bitcoin - doing this is an art to make it untraceable. Bitcoin mixers generate a new Bitcoin Address for the customer to make a deposit. This deposit is then mixed together with the funds of other customers, making the source murky and hard to trace. You can find mixers on the dark web, but they are mostly scam artists. Typical fee for this transaction is around 15% commission(cheaper compared to the typical 50% commission to an outright laundering).
Even though bitcoin transactions are registered in the blockchain, the owners are never identified. However, at a certain point in time, the bitcoin will have to be converted to spendable cash - this is usually the time when your identity gets connected to the Bitcoin Address in question.
B)Exchange Exchange Services The main purpose of a Bitcoin Mixing Service is to convert bitcoin anonymously into spending money, i.e. - converting bitcoin into spendable cash. The popular ones are Coinbase, CoinMama and Binance.
C)OTC Services (Over the Counter) When trading a large amount of money like $50,000, it's best to do it with an OTC instead of a traditional exchange. OTCs offer lower fees, higher transaction limits and speedier processing times to large trades. OTC examples are Jump Trading, FTX, Cumberland, Galaxy Digital, or Genesis Trading. More info about traditional exchanges and OTC
How to Protect Yourself from Tainted Bitcoin You could have unknowingly received bitcoin not knowing it's been tainted. Tainted means your Bitcoin Addressed is being tracked by authorities because it is suspected of being used in criminal activities - ransomware, drugs, money laundering, online scams, hacks, stolen data, etc. The authorities monitor all transactions of that Bitcoin Address on the blockchain, but they don't have the identity of the person. Usually, when you convert your bitcoin to spendable cash, your identity is revealed and that's when you get nabbed.
go to a mixing service - they will obscure the source of the bitcoin. Of course, most criminals do this too, so you put yourself in their lot.
don't convert your bitcoins into cash - find a vendor who will accept your bitcoin as payment. There is the possibility though, that you could still be nabbed when you pick-up what you bought with your bitcoin.
never connect your Bitcoin Address to your bank account - all bitcoin transactions have an electronic history through its Bitcoin Address on the blockchain. But its owner is not identified. Your bank account carries your identity. When bitcoin is connected to the bank account, the link is established.
How to Protect Your Cryprto-Coin from being Tracked Using bitcoin will leave an electronic trail - that's the nature of bitcoin. But private coins below don't have that feature:
Monero XMR - Monero is a cryptocurrency enjoying wide popularity and acceptance because of its privacy features. Every transaction remains anonymous because the coin addresses are intentionally disguised
Bitcoin Private (BTCP) - Bitcoin Private is a cryptocurrency designed to combine the advantages of Bitcoin's flexibility, security, and popularity and Zclassic's privacy-rich features
Ways to Cash-Out Bitcoin With a Bitcoin Wallet and some untainted bitcoin in it, how do you cash-out and use it as spending money? There are a few ways:
Peer-to_Peer Transactions - if you want to buy or sell goods and services to a friend (or vendor) who has a bitcoin wallet, then make the transaction using bitcoin. That was the original purpose of bitcoin anyway - as a replacement for money(a libertarian protest against the rigged fractional banking system)
Bitcoin exchange services - to convert bitcoin anonymously into spendable cash. The popular ones are Coinbase, CoinMama, Binance and eToro. They usually have a tutorial on their sites for beginners.
online gambling platforms - customers can login, buy casino chips with their bitcoin, and then cash out after playing a few games
Why People Move Bitcoins Around
to obscure the source - this is usually used for crypto coming from criminal operations
to skirt tax - who wants to pay taxes anyway?
Bitcoin can be moved, sold, transferred and cleaned
Opening-up a Bitcoin Account with bitkub.com ***bitkub.com is a crypto-currency exchange center based in Thailand. It is not a mixing service. You will have to provide your personal details and proof of ID, so you cannot hide in anonymity.
The biggest concern about owning bitcoin is how to cash it out. You can have a bitcoin wallet outside the exchange centers with some bitcoin in it, and it's ok to trade and buy goods and services with it. But what if you want to cash it out? You'll still have to open up an account with a bitcoin exchange center that can convert your bitcoin into spendable cash.
So, it makes it more expedient to have your wallet with a bitcoin exchange center, link it with your bank account and convert bitcoin into cash and transfer to your bank where you can withdraw.
Here in Thailand, the leading Thailand-based crypto-currency exchange center is bitkub.com. Be sure you already have a Thai bank account to link to. Here are the steps:
open up a bitkub account - go to https://bitkub.com and click OPEN YOUR FREE ACCOUNT. Follow the prompt and fill-in your email address, password, etc.
2-factor authentication - be prepared to download Google Authenticator App. Every time you log-in, you will present the Google Authenticator PIN
Identification Verification - be prepared with your passport picture. They will take a biometric shot of you using their onsite camera. You'll be asked a lot of questions and the waiting time for verification could be an epic 30 days. I failed 3x on this because of 'business address'. Finally, I got in.
Verified - when you are finally verified, you are now in Level 1 that allows you to trade
Linking Banking Account with Bitkub - in order to buy bitcoin within Bitkub, you have to have Thai baht in the account first. A way of putting Thai baht is to deposit Thai baht from your bank account to Bitkub. For this, the bank account has to be linked. Click the buttons and follow the prompt for "Linking Bank Account"
Deposit THB from bank to Bitkub - go to the bank app (not Bitkub) to deposit money to Bitkub. A successful transfer will produce a QR code. Take a screen capture of this QR code.
Now go to Bitkub and click Deposit THB. It will ask you for the QR code. Once you enter the QR code screen capture, the transaction should be done. Now you have THB inside Bitkub to buy Bitcoin with.
Buying Bitcoin - On Bitkub, click Buy/Sell at the top of the screen. Look for bitcoin and click on Buy BTC. You can now buy bitcoin not exceeding the amount of THB you have in the account
Ending Thoughts This is as far as I have taken it. The next move is for the businessman to give me his Bitcoin Address so I can send him some Bitcoin. After that, I would ask him to send me some Bitcoin to my other Bitcoin Wallet (not affiliated with Bitkub). This way, we get familiarized with the buying and selling of Bitcoin either through Bitkub or through a private Bitcoin Wallet.
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Chiang Mai INFORMATION
Chiang Mai Map
Chiang Mai, Thailand
IMPORTANT PLACES
Bus Station Train Station Chiang Mai International Airport Nong Buak Hard Park - free yoga classes daily
HOTEL
Arun Dara Villa - 7 exclusive rooms, 1 swimming pool for every room, grand opening
Nawa Sheeva Hotel - big rooms, high ceiling, salt-water pool, restaurant, cafe
Nawa Saraan Hotel - low density (4 spacious rooms), stone garden setting, Koi fish pond, Old City location
Arun Suite - 3 bedrooms in a 3-storie guesthouse within Old City, ideal for families
MOTORBIKE RENTAL
Tawan Bike - motorcycle rental | +66 91 635 2863 | Si Phum, Mueang Chiang Mai District, Chiang Mai 50200
Chiang Mai FYI / Tips
crop-burning season in Chiang Mai is between late Feb to early April. But laws change everytime. This year, 2019, there is a 61-day ban on burning so the farmers started burning early. When my plane was approaching Chiang Mai on Jan 24, 2019, there was already a thick blanket of smog covering the entire city (and beyond). But within the city itself, you won't feel it (but that doesn't mean the air is healthy). To monitor air conditions in real time, refer to site: Chiang Mai Air Pollution: Real-time Air Quality Index (AQI)
hot season begins March and lasts until June
wet season begins July and lasts until September
best time to visit Chiang Mai is mid-September to mid-February - after the monsoon and before the burning
you have to try Khao Soi, this is north Thailand's culinary staple
the tourist area where most of the hotels, restaurants, ticket offices, tour operators are, is located in the Old City
to exchange your dollars to Thai Baht, the Super Rich Money Exchange give the best rates. There are many branches scattered around Chiang Mai
get a red cab (songthao) outside the train station for Baht 50 (instead of paying B100 if inside the train station) to Old City - if you haggle nicely enough...I did!
shared red taxi (songthao) - B30 standard fare plying all over Old City
for only B50/day, best to rent a bike to go around the Old City - it's a 2.5km2 with lots to discover
FREE daily yoga classes from 9:00am to 10:15am at Nong Buak Hard Park (southwest corner of Old City). Resident and passing-through teachers take turns conducting yoga classes.
Blues/Jazz Bars in Chiang Mai
North Gate Jazz Coop - at Chang Phueg Gate, great Tuesday jam session, Blues on Sundays at 11pm by the Chiang Mai Blues band
Boy Blues Bar - at the Night Bazaar. Mondays at 9:30pm is open mic
My Secret Cafe - near Wat Phra Singh. Tuesdays at 7:30pm for the changing front-act and 9:00pm for the Panic Band
Taphae East - 88 Thapae Rd. (just north of Night Bazaar). Fridays at 9:30pm by Chiang Mai Blues Band
Chiang Mai Cost Index
B60 Chiang beer
B250 1 hour drop-in yoga session
B200 one hour Thai body massage at WAYA Massage(highly recommended)
B50 noodle soup with meat
B50 coffee
B40 pad thai
B30/kilo wash-only laundry
B50/kilo wash+iron laundry
B100-150 dorm bed/night
B250 fan room/night
B30 internet cafe/hour
B170-190 Movies Sat-Sun and public holidays
B130-150 Movies weekdays
B100 Movies Wednesdays (movie discount day)
B750 1/2 day Thai cooking lessons
B900-1000 1 full day Thai cooking lessons
B400 Muay Thai boxing ticket
B2500 starting room rate at the luxury hotel, Nawa Sheeva(highly recommended)
Transportation
B450 bus, Chiang Mai to Bangkok
B160-180 bus, Chiang Mai to Pai
B1250 bus, Chiang Mai to Luang Prabang
B1650 slow boat, Chiang Mai to Luang Prabang
B210 bus, Chiang Mai to Chiang Rai, 3-4 hours
B360 Green VIP bus, Chiang Mai to Mae Sai (Thai border town for visa run to Tachileik, Myanmar)
B50 bicycle rental, 24 hours
B200 motorbike rental, 24 hours
B273 #51 sleeping train from Bangkok to Chiang Mai
Book Online - direct booking with State Railway of Thailand. Best to register first. If going to BKK from CNX, click "Northern Line".
note -- big difference between booking direct with the State Railway and booking with an online 3rd party agent. 12GO was charging B1330 for the same trip that only cost me B941 with the State Railway.
note -- Oct 2022, I took the #10 Train from CNX to BKK, upper berth, 2nd class, a/c, sleeper, B941. The train was clean, fast, comfortable and modern. If you have heavy luggage that will cost more money in flight checkin, I would suggest this train. Otherwise, the flight now is so much cheaper it doesn't even make sense to take the bus or train.
Bangkok to Chiang Mai by Train from Bang Sue Train Station
10:22pm - #51 Train, arrive Chiang Mai 12:10pm, sleeper, 3rd class B270 (non sleeper), 2nd class B438, B728 upper deck, B798 lower deck
Loei to Chiang Mai by Bus
From Loei town center, take a tuk-tuk ride to the bus station, B30. There is only one bus station.
As of June 28, 2020 (still on Covid schedule), there are only 3 night trips: 8:30pm, 9:30pm and 12 midnight. 9 hours, B470.
The bus makes the following stops at the following times from a 9pm Loei departure: Phu Ruea (9:50pm), Phitsanulok (12:40am), Uttradit (2:20am), Lampang (4:35am)
Final bus stop is at the Red Bus Arcade, Chiang Mai, 9 hour-trip, arriving 6am (from 9pm Loei departure).
Take a red songthaew to Old City, B50. They'll try to charge you B100, but they'll take B50 (just assure the driver you won't tell the other passengers).
How to Get a 60-Day Thai Tourist Visa and then Extend by another 30 Days
This process is BEFORE Covid 19. Not sure what it is now.
60-Day Thai Tourist Visa
NOTE: There is no need to go back to your country to get the Thai tourist visa. Any major city with a Thai Embassy will do. Apparently there is also no need to have an invitation from a Thai establishment to justify the visa.
Bring the following to the Thai embassy:
a) proof of money (bank statement will suffice)
b) flight booking to Thailand
c) onward flight back to your country from Thailand
d) filled-in tourist visa form
e) 2 passport pictures
f) hotel booking in Thailand (they didn't ask me for this but better be safe)
g) passport with at least 6 months validity
After handing over all the documents, they will ask you to come pick your passport with the visa the following day from 4 to 5pm. That's it!
NOTE: after 2 successful attempts, I was already questioned the 3rd time.
30-Day Extension
NOTE: When your 60-day visa is close to expiry and you want to extend your stay. No need to leave Thailand.
bring the following to the Immigration Office:
a) passport (make sure your Tourist Visa hasn't expired yet)
b) Baht 1900
c) photocopy of your passport + visa duration date stamp + TM6 card (white immigration card) and sign all the copies
d) completed TM7 visa extension form (available at the Immigration Office)
e) one 4cmx6cm passport picture
submit the above to the Front Desk. They will give you a stub with your number on it. Take a seat and wait for your number to be called
when your number is called, your picture will be taken. Then go back to your seat. They will call you again.
when they call you again, they'll give you your passport with your extended visa. That's it!
when there are no lines, the whole process can take only 10 minutes
arrive early - in case there is a snag (visa snag, documentation snag, transport ticket snag, etc.), you will have ample time to troubleshoot the problem if you arrive early (to the airport, to the bus terminal, etc.)
put detailed itinerary on the Calendar apps of your smart-phone according to timelines - this is where you do all your thinking and planning. Once written down, you don't have to think anymore while you are on the journey...you just follow the steps. This frees your mind for something else that might happen while you are already en route
avoiding scams - as a general rule, I ignore the touts or anyone I don't know who call out to me. The calling comes in many forms - "Hi! Where are you from?", "Excuse me! Excuse me!", "Where are you going?". I don't look them in the eye and I remain non-verbal with them. If you reply to them, you just gave them an 'in' to hound you. In order not to look rude, I smile and wave the 'not interested' hand to them, without looking at them.
power bank - hand-carry your power bank. Do not check it in. You can be called in when you are already inside the plane to go all the way to the loading dock so you can personally remove the power bank...and chances are, you'll have to surrender it to them. And you might delay the plane departure!